Entrepreneurship & small MBA

Entrepreneurship & small Business Encyclopedia.

Get +5200 Terms, Concepts , Study notes,  & practice cases and expand you entrepreneurial knowledge.

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This is encyclopedia contains also practice questions and study cards for exam preparation on the topic of Finance, investments, management, accounting, leadership & business opportunities.

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Entrepreneurship is the process of designing a new business, i.e. a startup company offering a product, process or service. The entrepreneur perceives a new business opportunity and often exhibits biases in their perception and subsequent decision to exploit the opportunity. 

Predictors of entrepreneurial success

Factors that may predict entrepreneurial success include the following:
 Methods

    Establishing Strategies
    Maintaining the Human Personnel
    Ensuring the availability of Required Materials
    Utilizing the Unique advantage of the Business
    Ensuring Good Organization and co-ordination
    Congruency to the culture of the society

Market

    Business-to-business (B2B) model, not business-to-consumer (B2C)
    High growth market
    Target customer's missed by others

Industry

    Growing industry
    High technology impact on the industry
    Low capital intensity
    Small average incumbent firm size

Team

    Large, diverse venture team, not individual entrepreneurs
    Graduate degrees
    Management experience
    Work experience in the start-up industry
    Employed full-time prior to new venture, as opposed to unemployed
    Prior successful entrepreneurial experience
    Full-time involvement in the new venture
    Motivated by high profits, not independence
    Number and diversity of individual's social ties

Company

    Written business plan
    Activity focused on a single product or service
    Competition based on a dimension other than price
    Early, frequent and intense marketing
    Tight financial controls
    $100,000+ start-up capital
    Corporation, not sole proprietorship

Status

    Wealth
    Dominant Race, Ethnicity, or Gender in a Socially Stratified Culture